Net profit before tax turned into positive and TL12 million profit was recorded. Net profit came in at TL3 million

MLP Sağlık Hizmetleri A.Ş. (MLP Care), the leading private healthcare service provider in Turkey, announced its financial results for the first quarter of 2019.

Revenue increased to TL933 million, up by 25% compared to TL749 million of the last year’s first quarter revenue. When revenues of managed hospitals are included, revenue growth is at 28%. Adj. EBITDA increased by 20%.

Net profit before tax turned into positive and TL12 million profit was recorded in the first quarter compared to TL 31 million loss of the first quarter of 2018. MLP Care recorded a net profit of TL3 million due to strong operational performance and hedging. Net profit normalized for FX losses was at TL29 million.

In the first quarter, focus on maintaining strong growth continued in medical tourism, which is now accounting for 11.4% of total revenues.

Dr. Muharrem Usta, Chairman and Chief Executive Officer of MLP Care, commented on first quarter results as follows:"In the first quarter of 2019, we made a very good start to the year with revenues and EBITDA growing significantly above inflation. Foreign medical tourism (FMT) revenues were up by 79% y-o-y and FMT continues to be a strong growth engine going forward.

"In April 2019, we have signed an agreement with Bupa Acibadem Insurance Group, an important player in Turkey’s healthcare insurance market. With this agreement, insurance holders of the SenCart Membership Program mainly Bupa Acıbadem and Aksigorta, that covers 655 thousand people will be able to benefit from the healthcare services of Medical Park and Liv hospitals.

"We will focus on further improving our operations, strengthening our balance sheet and cash flow for the rest of 2019."

ABOUT MLP CAREWe are the largest private healthcare service provider in Turkey in terms of number of hospitals, beds and geographic scope based on our footprint of 31 hospitals and around 6,000 beds in 17 cities across the country. We treat more than 2 million people per year, with our patients primarily drawn from the upper-mid segments of the market. We provide a full range of healthcare services from gynaecology, cardiology, oncology, orthopaedics, intensive care to complex treatments such as organ and bone marrow transplants. As of March 31, 2019, we had more than 20,000 personnel, including over 2,200 physicians, managed by a head office team which integrates field operations, sets strategy and monitors real-time performance across all 31 hospitals.